BIOMETRIC CARD MARKET ANALYSIS

Biometric Card Market, By Application (Payments, Access Control, Government ID and Financial Inclusion, and Other Applications (IoT-based applications, etc.)), By End User Industry (BFSI, Retail, Government, Healthcare, Commercial Entities, and Other End-user Verticals), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024
Code : CMI5443
Pages :156
Formats :
Excel and PDF
Industry : Smart Technologies

Market Challenges: Incompatibility between Systems

Biometric cards leverage a variety of technologies to verify user identity, including fingerprint scanners, iris scanners, and facial recognition. However, a major hurdle to widespread adoption is the current lack of interoperability between these systems. Imagine a situation where a bank issues a credit card equipped with a fingerprint scanner, but ATMs or retail point-of-sale systems might only have readers compatible with facial recognition.

Market Opportunities: Enhanced Security and Reduced Fraud

Biometric authentication adds a powerful layer of security compared to traditional methods like PINs or passwords. Fingerprint, iris scan, or facial recognition verification significantly reduce the risk of identity theft, financial fraud, and security breaches. This fosters trust in digital transactions for both consumers and businesses, leading to wider adoption of biometric cards.